Author: Finance Khabar

New Delhi: India’s foreign exchange reserves crossed the half-a-trillion mark for the first time ever after it surged by massive $8.22 billion in the week ended 5 June, according to the latest data released by the RBI. The reserves rose to $501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA). In the previous week ended 29 May, the reserves had increased by $3.44 billion to $493.48 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in…

Mumbai: Suspension of fresh insolvency cases will provide relief to corporate sector; however, cases being referred could spike later if Covid-19 impact remains prolonged, ICRA has said in a report. “The recent announcement regarding the Insolvency and Bankruptcy Code (IBC) by the country’s Finance Minister, suspending any fresh insolvency cases against any entity for a one-year period, provides relief to stressed companies impacted by the Covid-19 pandemic as creditors cannot initiate bankruptcy proceedings under the IBC during this period,” ICRA has said in a report. The amendment follows an earlier notification by the Ministry of Corporate Affairs (MCA) on March…

Mumbai: On Friday, Mahindra & Mahindra reported a net loss of Rs 3,255 crore combined with that of Mahindra Vehicle Manufacturers (MVML) for the March ended quarter. In comparison, the firm posted a net profit of Rs 969 crore in the corresponding quarter last year. During the quarter under review, revenue of the company declined by 35 percent to Rs 9,005 crore from the same period a year ago. The company’s profit took a hit because of a one-time loss of Rs 3,577.64 crore to write down of investment in Ssangyong and some other international subsidiaries. “As announced earlier Mahindra…

Mahindra & Mahindra Ltd, part of the USD 20.7 billion Mahindra Group, has pledged its support to the frontline Covid caretakers and essential service providers, who are providing unparalleled support during this ongoing Covid pandemic, by offering a host of affordable finance schemes on all its vehicles. As an industry first, the company has rolled out its offers to an entire range of essential service providers that includes Journalists/Media Professionals, Railway/Airline Staff and others, beyond Doctors, Nurses, Paramedics, Government Officials and Policemen. Speaking about the finance schemes for the frontline caretakers, Veejay Nakra, CEO – Automotive Division, M&M Ltd. said,…

The Board of Directors of HDFC Asset Management Company Ltd at its meeting held on June 11, 2020, based on the recommendation of the Nomination & Remuneration Committee, has re-appointed Mr. Milind Barve as Managing Director of the Company, not liable to retire by rotation, for a further period effective from November 1, 2020 upto January 31, 2021, subject to the approval of the members at the ensuing Annual General Meeting. Mr. Barve had expressed his desire to not seek an extension of his current term as Managing Director which expires on October 31, 2020, as he will be turning…

Infosys, the global leader in next-generation digital services and consulting, today announced the launch of its enterprise-grade ‘Return to Workplace’ solutions to help clients ensure safety and wellness of their employees as they adapt to new ways of working amid the COVID-19 pandemic. The cloud and edge-based solutions offer a comprehensive framework that enables enterprises to implement: Elevated Body Temperature (EBT) screening – Leverages automation and AI on Edge to help enterprises screen their workforce or visitors in real-time for possible infection to isolate them and prevent them from entering the establishment.Contact Tracing – Redefining the contact tracing category using…

German airline, Deutsche Lufthansa AG, commonly known as Lufthansa, on Thursday said that it will cut 22,000 full-time jobs as the “recovery in demand in the air transport sector will be slow in the foreseeable future.” It makes for 16 percent of the Lufthansa Group’s total worldwide workforce of 135,000. As the carrier struggles with the slump in air travel demand due to the coronavirus pandemic, it has predicted a slow recovery and expects to have about 100 fewer aircraft after the crisis. “The aim is to pave the way for the preservation of as many jobs as possible in…

Elgi Equipments, one of the world’s leading air compressor manufacturers, has launched the ‘LD Series’ range of lubricated direct drive reciprocating air compressors. With a lowlife cycle cost and quick return on investment, every LD series air compressor is backed by best-in-class performance for given input power, durable parts and a minimum number of service points. Commenting on the product launch,Rajesh Premchandran, Director, ISAAME (India, South Asia, Africa and Middle East) said, “Customers in India are challenged with increasing electricity costs, limited industrial floor space and fluctuating market demand. Taking all of this into consideration, we’ve designed the LD series…

New Delhi: Pursuant to the Board approval, Reliance Industries Ltd had, vide Letter of Offer dated May 15, 2020, issued 42,26,26,894 equity shares of face value of Rs. 10/- each (‘Rights Equity Shares’) to the Eligible Equity Shareholders at an issue price of Rs. 1,257 per Rights Equity Share (including premium of Rs. 1,247 per Rights Equity Share). The Rights Equity Shares were issued as partly paid-up and an amount of Rs. 314.25 per Rights Equity Share was payable on application (of which Rs. 2.50 towards face value of Rights Equity Share and Rs. 311.75 towards premium amount of Rights…

New Delhi: Supreme Court directed telecom operators to file a roadmap of the payment of the AGR dues, the time allowed for payment, and the securities they can provide, in the next five days. The apex court also said the demand of Rs 4 lakh crore against PSUs (public sector units) was impermissible and should be reconsidered, as imposing AGR dues on PSUs (public sector units) may not be in public interest. AGR: Supreme Court Asks Govt To Withdraw Demands On Dues Against PSUsThe Supreme Court questioned the government on how telecom demands were made on PSUs and why such…

Mumbai: RBI Governor Shaktikanta Das on Thursday sought credit rating agencies’ assessment of the macroeconomic situation and their outlook on various industries, including the financial sector, the central bank said in a statement. The RBI Governor met managing directors and chief executives of credit rating agencies (CRAs) through video conferencing. The meeting was also attended by the deputy governors and other senior officials of the Reserve Bank of India (RBI). During the meeting, among other matters, agencies’ assessment of the macroeconomic situation and outlook on various sectors, including the financial sector, was discussed. Other issues discussed included perspectives on the…

Mumbai: Benchmark indices ended the day sharply lower, as global cues were weak, following lower closings across the US markets. Sentiments were poor from Asia to Europe, stocks lost at least 2 to 3 per cent on their benchmark indices. The Sensex ended the day lower by 741 points, falling below the 34,000 level to end the day at 33,531 points. The Nifty ended the day lower by 214 points, falling below the 10,000 points mark to end at 9902 points. Nifty stocks that lost maximum ground were Bharti Airtel, Zee Entertainment and State Bank of India. IndusInd Bank was…

PM Modi speaking at the 95th Annual Day of the Indian Chamber of Commerce New Delhi: Prime Minister Narendra Modi on Thursday said that self-reliance was already a part of the Centre’s policy, and Covid-19 outbreak gave it a push. He also urged India Inc to make bold moves and not rely on conservative ones. Modi added that the Covid-19 crisis needs to be made into a turning point for India’s economy. Modi was speaking at the 95th Annual Day of the Indian Chamber of Commerce (ICC). Modi added that citizens resolved to turn the crisis into an opportunity, and…

Dr. Reddy’s Laboratories Ltd. announces that it has completed the acquisition of select divisions of Wockhardt Limited’s (“Wockhardt”) branded generics business in India and a few other international territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises of a portfolio of 62 brands in multiple therapy areas such as Respiratory, Neurology, VMS, Dermatology, Gastroenterology, Pain and Vaccines, which would transfer to Dr. Reddy’s along with related sales and marketing teams; and the manufacturing plant located in Baddi, Himachal Pradesh with all plant employees (together the ‘Business Undertaking’). On February 12, 2020, Dr. Reddy’s signed a Business Transfer Agreement…

New Delhi: Voltas Limited, India’s No. 1 AC brand from the house of the Tata’s, in response to the ongoing COVID-19 crisis has launched a new line of Ultraviolet Light (UVC) based surface disinfectant solutions in addition to the engineered UVC based air and duct disinfectant solutions that the industry leader has been offering its consumers for the past several years. This is in line with the Tata Group’s commitment towards serving the community and making a positive social impact. Voltas Limited has always adopted a consumer-centric approach to fulfil India’s cooling and refrigeration requirements for residential and commercial applications.…

Mumbai Today, on Wednesday, June 10, 2020, the stock market closed sharply. Today where the Sensex rose by 290.36 points to close at the level of 34247.05. At the same time, the Nifty gained 69.50 points to close at the level of 10116.15. Apart from this, on the BSE today, a total of 2695 companies were traded, out of which about 1527 shares closed up and 1008 shares declined. At the same time, there was no difference in the share price of 160 companies. At the same time, the rupee closed at a level of 75.61 against the dollar at…

After contracting in the current financial year, India’s economy has been forecasted to bounce back with a sharp growth rate of 9.5 percent next year, provided that it avoids further deterioration in financial sector health, Fitch Ratings said on Wednesday. The coronavirus pandemic will shrink an already slowing GDP growth in 2020-21 at the rate of 5 percent, Fitch Ratings said. “The pandemic has drastically weakened India’s growth outlook and laid bare the challenges caused by a high public-debt burden,” Fitch Ratings said in its APAC Sovereign Credit Overview released on Wednesday. “After the global crisis, India’s GDP growth is…

New Delhi: Mahindra Group Chairman Anand Mahindra has invested $1 million (about Rs 7.5 crore) in Gurugram-based Hapramp, a startup working on technologies like blockchain and social media. The startup was founded in 2018 by five students of the Indian Institute of Information Technology-Vadodara. “Took 2 yrs, but I finally found the start-up I was looking for! @Hapramp is indigenous, built by 5 young founders & brings together a best-in-class combination of creativity, technology & data protection. Look out for @gosocial_app their social networking platform,” said Mahindra, announcing his investment via his Twitter handle on Wednesday. In 2018, Mahindra had…

Wipro Limited , a leading global information technology, consulting and business process services company, today announced the launch of its BoundaryLess Enterprise Solution (BLE), powered by VMware Tanzu product portfolio. As part of its commitment to integrate VMware’s latest innovations into its BLE, Wipro is also a Design Partner for the VMware Tanzu portfolio which consists of Tanzu Mission Control, Tanzu Kubernetes Grid, Tanzu Service Mesh, vSphere 7 with Kubernetes etc. Large enterprises want to leverage Kubernetes to increase developer velocity. Kubernetes provides them the constructs – containers, microservices and Application Program Interface (APIs) – to build modern applications, and…

New Delhi: TCS iON, a strategic unit of Tata Consultancy Services (TCS) , a leading global IT services, consulting and business solutions organization, has partnered with the National Skill Development Corporation (NSDC) to provide its training partners access to the TCS iON Digital Glass Room, enabling them to move classroom vocational skills training to online mode for millions of students across the country. The new partnership strengthens NSDC’s online content aggregation platform – eSkill India, through which it enables e-learning amongst skill seekers and will contribute towards strengthening the Skill India mission. NSDC’s robust network of over 500 training partners…